Your status as a homeowner can unlock new deductions at tax time.
Here’s a quick summary of the items you may be able to deduct. Always consult with a tax professional to get a complete understanding of how tax laws may apply to your home purchase.
Another interesting tax tidbit could come into play if you later sell your home at a sizable profit. In most situations, the profit earned on the sale of your primary residence can’t be taxed. That benefit is limited to the first $250,000 in profit for a single-filing taxpayer or the first $500,000 in profit for a married couple who file jointly. Profits over those thresholds are usually taxed at the normal rate.